WHY YOUR TAXES ARE MUCH HIGHER THAN THEY SHOULD BE!

By Jack Jodell, Apr. 13, 2012

I saw this post a few days back at Ted McLaughlin’s brilliant site JOBSANGER (http://jobsanger.blogspot.com/). For those not familiar, I recommend that you vusit it regularly, as I do.This being income tax time, it ought to make your blood boil. Or, at the very least, perhaps you could avoid doing business with any of these firms until they come to their senses and start paying THEIR FAIR SHARE OF TAXES!

Pepco Holdings……………$1,263,000,000 (-39.5%)
General Electric……………$19,616,000,000 (-18.9%) Paccar……………$955,000,000 (-13.0%)
PG&E Corp…………….$6,001,000,000 (-18.4%) NiSource……………$1,853,000,000 (-13.0%)
CenterPoint Energy……………$3,081,000,000 (-11.3%)
Tenet Healthcare……………$582,000,000 (-8.2%)
Atmos Energy……………$1,203,000,000 (-9.6%)
Integrys Energy Group……………$1,178,000,000 (-11.6%)
American Electric Power……………$8,229,000,000 (-6.4%)
Con-way……………$422,000,000 (-5.4%)
Ryder System……………$843,000,000 (-5.4%)
Baxter International……………$1,297,000,000 (-0.6%)
Wisconsin Energy……………$2,442,000,000 (-13.2%)
Duke Energy……………$7,234,000,000 (-3.5%)
DuPont……………$2,995,000,000 (10.9%)
Consolidated Edison……………$5,869,000,000 (-1.3%)
Verizon Communications……………$19,783,000,000 (-3.8%)
Interpublic Group……………$989,000,000 (-2.5%)
CMS Energy……………$1,872,000,000 (-1.4%)N
extEra Energy……………$8,844,000,000 (-2.0%)
Navistar International……………$1,144,000,000 (-1.3%)
Boeing……………$14,847,000,000 (-5.5%)
Wells Fargo……………$69,158,000,000 (3.8%)
El Paso……………$4,649,000,000 (-0.9%)Mattel……………$1,492,000,000 (-0.9%)
Honeywell International……………$5,215,000,000 (2.0%)
DTE Energy……………$3,456,000,000 (0.2%)Apache……………$5,989,000,000 (-0.3%)Corning……………$2,943,000,000 (-0.2%)

The companies listed above are the companies that were exposed last year as paying no income taxes for 2008, 2009, and 2010. In fact, most of those companies not only didn’t pay any taxes, but got money from the government thanks to unneeded subsidies. The Citizens for Tax Justice decided to take another look and see if anything had changed for these companies when the year 2011 is figured in.

The figures above are for the years 2008 through 2011. The first figure is the amount of profit the company made (and note they all did very well (making hundreds of millions to billions of dollars). The figure in parentheses is the percentage of taxes paid — with a negative percentage meaning the company got money from the government instead of paying taxes.

Only four of these companies paid any taxes for the four year period — DTE Energy (0.2%), Honeywell International (2.0%), Wells Fargo (3.8%), and DuPont (10.9%). And the rates they paid are far, far below the tax rate paid by a middle class taxpayer in the United States. I can’t imagine that any reasonable person could think that was fair. Even right-wing icon Ronald Reagan didn’t believe such a situation was fair. He said the rich (and corporations) should not pay a smaller tax percentage than a “bus driver”.

This is a major reason why the deficits keep growing — because corporate tax revenues have fallen so far from what they used to be. If these companies had paid their fair share of taxes from 2008 through 2001, the government would have collected an additional $78.3 billion.

We have let the Republican Party, through their ridiculous “trickle-down” economic policy, give far too much away to the corporations. There is no reason why companies making huge profits should not pay their fair share of taxes. It’s time to remedy this situation.
————————————————————————————–
Ted, thank you for sharing this fabulous information. It shows how insulting and fraudulent the reactionary conservative Republican claim that we are overtaxing our very piggish corporations is! It also shows how utterly ridiculous  tax-hating trust funder GROVER NORQUIST is in his foolish campaign to keep every officeholder from ever raising any tax for any reason!

About jackjodell53

I am an American Dissident trapped in a country where poor and middle class people are constantly being exploited and lied to by a very rigid and conservative plutocratic elite. I believe in government OF, FOR, and BY the people, not one controlled as it now is by corporations and special interests.
This entry was posted in commentary, conservative Republicans, corporate greed, economics, Politics, taxes and tagged , . Bookmark the permalink.

6 Responses to WHY YOUR TAXES ARE MUCH HIGHER THAN THEY SHOULD BE!

  1. JollyRoger says:

    It’s more of a “trickle-up” system, and a recipe for revolution. I despair that we can avoid revolt now, because the morons at the top are too insulated from real life to see what is coming.

    • jackjodell53 says:

      Jolly Roger,
      I have no sympathy for those idiots. They are definitely blind and arrogant, and they will deservedly pay greatly for their ignorance!

  2. Great post about something every taxpayer and voter should be aware of. For the why of this situation, one need only review the statements of (mostly) Republican members of Congress and check out Opensecrets.org. For example, see Pepco Holding’s 2012 political donations so far. You can learn about GE’s PAC donations here. Obviously, we’re not talking about coincidence here. These corporations want the best government their money can buy, and they’re getting it. We’re not, but they are.

    But keep in mind that every one of the tax-excusing, loophole-creating pols with his or her hand out to those corporations was elected by people, many of them gullible, self-styled conservatives who thought they were voting for pols who would get them smaller government, less regulation and lower taxes. Sold-out pols delivered less regulation and lower taxes, all right, but not for the overwhelming majority of those gullible conservatives.

    • jackjodell53 says:

      S.W.,
      Thank you for leaving those most revealing Open Secrets.org links. They only serve to bolster the point Ted McLaughlin has so brilliantly made here, which I have reprised. Thanks to the very flawed Citizens United ruling, the Supreme Court has destroyed any semblance of American democracy. The sound of condescending laughter must be absolutely deafening in the corporate boardrooms every time they think about the naive and gullible conservatives who have so foolishly allowed this transformation from a republic to an outright oligarchy to occur!

  3. 99% Spring march on DTE shareholder meeting to demand fairness

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